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Empirical estimation of market power in Greece

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  • Michael L. Polemis

Abstract

The aim of this study is to estimate industry markups for 2-digit Greek manufacturing and services industries over the period 1970 to 2007. The empirical model estimates the markups following the Roeger (1995) methodology, separately for the two industries by using two different panel data econometric techniques. The results are robust revealing that Greek manufacturing and services industry operate in noncompetitive conditions. The findings also support the view that markup ratios vary significantly between the two industries, with services having higher markups than manufacturing.

Suggested Citation

  • Michael L. Polemis, 2014. "Empirical estimation of market power in Greece," Applied Economics Letters, Taylor & Francis Journals, vol. 21(11), pages 747-750, July.
    • Handle: RePEc:taf:apeclt:v:21:y:2014:i:11:p:747-750
    DOI: 10.1080/13504851.2014.887186
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    1. Joaquim Oliveira Martins & Stefano Scarpetta & Dirk Pilat, 1996. "Mark-Up Ratios in Manufacturing Industries: Estimates for 14 OECD Countries," OECD Economics Department Working Papers 162, OECD Publishing.
    2. Bresnahan, Timothy F., 1982. "The oligopoly solution concept is identified," Economics Letters, Elsevier, vol. 10(1-2), pages 87-92.
    3. Christoph Weiss, 2000. "Mark-ups, industry structure and the business cycle," Applied Economics Letters, Taylor & Francis Journals, vol. 7(3), pages 189-191.
    4. Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-947, October.
    5. Anthony N. Rezitis & Maria A. Kalantzi, 2013. "Measuring the degree of market power in the Greek manufacturing industry," International Review of Applied Economics, Taylor & Francis Journals, vol. 27(3), pages 339-359, May.
    6. Roeger, Werner, 1995. "Can Imperfect Competition Explain the Difference between Primal and Dual Productivity Measures? Estimates for U.S. Manufacturing," Journal of Political Economy, University of Chicago Press, vol. 103(2), pages 316-330, April.
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    Cited by:

    1. Michael L. Polemis, 2014. "Measuring market power in the Greek manufacturing and services industries," International Review of Applied Economics, Taylor & Francis Journals, vol. 28(6), pages 742-766, September.

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